Exactly how much of your investment you'll recoup
depends on a number of factors, such as the "big picture"
housing market, the value of the homes in your neighbor-
hood, when you plan to sell and the exact nature of the
improvement. Also, consider that the longer you live in
your home after a project is completed, the less likely you
are to recoup its value. Just try to convince a potential buyer
that Harvest Gold is cutting edge.
Below are some examples of a few improvements that usually pay off - and some that rarely make a difference (no matter how much you paid for them) when it comes time to sell your home.
Painting
Below are some examples of a few improvements that usually pay off - and some that rarely make a difference (no matter how much you paid for them) when it comes time to sell your home.
Painting
If you're planning to sell your home
in a year or two, a fresh coat of a
neutral-toned paint could make the
sale easier. A professional exte-
rior paint job may also recoup close
to 75% of its cost. Let's face it - we all
like things fresh-looking.
Kitchen
With just a few basic improvements, your kitchen
can practically pay you back with interest! New paint,
wallpaper and flooring are always appreci-
ated;; plus, you might even consider
sanding, staining or painting worn- looking cabinets. Replacing old cabinet hardware is a low-cost improvement that makes a big difference in appearance. According to Remodeling magazine, the average spent on major kitchen remodeling is around $39,000;; refinishing an outdated one averaged $15,000. The full kitchen remodeling recouped 80% of its cost, the more moderate remodeling was valued at 87%.
With just a few basic improvements, your kitchen
can practically pay you back with interest! New paint,
wallpaper and flooring are always appreci-
ated;; plus, you might even consider
sanding, staining or painting worn- looking cabinets. Replacing old cabinet hardware is a low-cost improvement that makes a big difference in appearance. According to Remodeling magazine, the average spent on major kitchen remodeling is around $39,000;; refinishing an outdated one averaged $15,000. The full kitchen remodeling recouped 80% of its cost, the more moderate remodeling was valued at 87%.
Deck
Adding a deck is a very cost-efficient way to add square footage to your house. Decks cost around
$6,000 and generally recoup 75% of their value. Compared to other outdoor improve- ments (except painting) that's an excellent return.
New Windows
Your utility bill savings may make up for the iffy resale value, however, a good set of standard windows should get you around 68% back. If you start getting too fancy with custom shapes and sizes, though, don't expect to get as much in return.
Swimming Pool
In a word - don't! Unless you're putting it in for you and your family to enjoy, it's commonly agreed that a swimming pool has no resale value at all. Reason #1? Sure, they sound nice, but pools are very expensive to maintain. Running a close second is the fear of pool accidents - that's something nobody wants to experience.
Picture-Perfect Gardens
Another nicety, but who's going to spend all that time - and money? If the potential buyer is not horticulturally inclined, chances are your floral handiwork won't add to the offering price. The same can be said for expensive fences and stone walls - they look nice, but buyers don't pay up for them.
Basic Is Better
It may not sound very exciting, but it's the basic improve- ments you make to your home that may have the greatest return on its value: a beautiful new bathroom won't make up for a leaky roof. So if you're thinking of selling your house in the next year or so, be sure to address any problems the home may have before you, say, install those sunken gardens you've always dreamed of.
Adding a deck is a very cost-efficient way to add square footage to your house. Decks cost around
$6,000 and generally recoup 75% of their value. Compared to other outdoor improve- ments (except painting) that's an excellent return.
New Windows
Your utility bill savings may make up for the iffy resale value, however, a good set of standard windows should get you around 68% back. If you start getting too fancy with custom shapes and sizes, though, don't expect to get as much in return.
Swimming Pool
In a word - don't! Unless you're putting it in for you and your family to enjoy, it's commonly agreed that a swimming pool has no resale value at all. Reason #1? Sure, they sound nice, but pools are very expensive to maintain. Running a close second is the fear of pool accidents - that's something nobody wants to experience.
Picture-Perfect Gardens
Another nicety, but who's going to spend all that time - and money? If the potential buyer is not horticulturally inclined, chances are your floral handiwork won't add to the offering price. The same can be said for expensive fences and stone walls - they look nice, but buyers don't pay up for them.
Basic Is Better
It may not sound very exciting, but it's the basic improve- ments you make to your home that may have the greatest return on its value: a beautiful new bathroom won't make up for a leaky roof. So if you're thinking of selling your house in the next year or so, be sure to address any problems the home may have before you, say, install those sunken gardens you've always dreamed of.
DIANA ARRANAGA, BRE# 01294119
RE/MAX TIME
10535 E. FOOTHILL BLVD #100
RANCHO CUCAMONGA, CA 91730
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